Legal Question in Bankruptcy in California
assests
when bankruptcy is filed and a person has a retirement savings, is that savings in jeoporady of being taken away?
Asked on 1/03/01, 11:07 pm
1 Answer from Attorneys
Mark Markus
Law Office of Mark J. Markus
Re: assests
It depends on what chapter is filed, the type of retirement, and the amount in the retirement, as well as numerous other factors. If your plan is ERISA-- qualified, it is exempt totally. If not, then it is exempt up to the amount reasonably necessary for your future maintenance and support. This obviously factors in your age, earning capacity, health, financial responsibilities, etc.
Answered on 1/05/01, 3:11 am
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